Allow User to Request for Cancellation of Coin Order

Zerodha Coin - Direct MF
1

I believe there has to be a feature where user should be allowed to cancel an order if the payment has not been made. Maybe through NEFT/RTGS or through UPI/Net Banking.

Why?

  • After placing large amount of order (let’s call MF#1), I realized that I cannot pay amount through UPI or Net Banking as bank itself doesn’t support.
  • The only option left is I go for NEFT/RTGS then I added this information to my bank which takes another 24 hours to send large amount (max 50k for the first 24 hours)
  • I cannot wait so I split my order.
  • The earlier order will stay in Order Placed - Pending payment via NEFT/RTGS
  • After 2 days I buy another mutual fund (let’s call MF#2) which was again large order. This time I didn’t split since NEFT/RTGS information was already added
  • I placed an order and made the payment
  • Now the thing is my first order MF#1 got executed because it didn’t cancel and waited for the payment instead of MF#2

That’s why we need an option to cancel the order if I have placed by mistake or later if I changed my mind and payment has not been made yet.

Does this makes sense or any challenges to implement this simple feature?

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2

The issue here is that we punch the orders to the exchange once the payment is confirmed, and the exchanges currently do not have the facility to cancel the orders via APIs at their end. The BSE exchange (which powers our mutual fund transactions) has recently developed an order cancellation feature that is currently in the testing phase. Once BSE moves this feature to production (expected in June or July 2025), we’ll be able to implement it on our platform.

With this new feature, you’ll be able to cancel mutual fund orders as long as:

  1. The payment hasn’t been mapped to the order yet
  2. The order hasn’t been reported to the AMC

This would have solved your exact situation where you placed an order for MF#1, couldn’t complete payment immediately, and then ended up with an unintended execution when you were trying to purchase MF#2. Once launched we will implement this.

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